Quintet 2023 net profit rises to €46.9 million

Quintet Private Bank, founded 75 years ago in Luxembourg and operating across Europe and the UK, announced today its positive 2023 financial results, including a full-year net profit of €46.9 million, up from €18.1 million in 2022. 

In 2023, total group income rose to €602.4 million, up 15% compared to €524 million in 2022. Group expenses remained largely stable at €522.1 million in 2023, compared to €493.2 million the previous year. Consequently, despite significant market volatility and sustained inflationary pressure, Quintet’s 2023 cost-to-income ratio stood at a healthy 86.7%, compared to 94.1% in 2022. 

As of December 31, 2023, total client assets stood at €92 billion, up 6% from €86.7 billion at the end of 2022. This reflects increases in both private banking assets under management and institutional assets under custody. 

Quintet’s Basel III common equity tier 1 ratio stood at 19.6% at the end of 2023, up from 18.4% at the end of the previous year and well above the regulatory threshold. The firm’s liquidity coverage ratio stood at 147.9% at the end of 2023, compared to 153.2% at the end of 2022 and likewise well above the regulatory threshold. Current sources of funding and liquidity remain extremely stable.

“We are pleased with Quintet’s performance last year and, just as important, the material progress achieved in advancing our long-term growth agenda,” said Rory Tapner, Chair of the Board of Directors. “As we continue our journey as a private bank with a unique heritage and footprint, we are grateful to our colleagues for their commitment, collaborative spirit and client focus.  

“Today more than ever,” Tapner said, “our business is differentiated by deep personal relationships and holistic advice, founded upon open-architecture principles.”

“2023 was another positive year for Quintet,” said Group CEO Chris Allen. “Overall financial performance was robust over a 12-month period when we strengthened the foundation of our firm to support sustained growth, including by increasing organizational agility and collaboration in service to our clients. We also extended our investment capabilities last year through a refreshed philosophy and partnerships with firms such as BlackRock and Moonfare, further enhancing our client proposition.  

Allen concluded: “While evolving macroeconomic conditions will create new challenges for our sector this year, we remain confident about the future and are focused on delivering for our clients, who value our proximity to them. Most of all, our clients value the time we commit to them as we strive to protect and grow their family wealth.”